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Shares of Silvergate Capital (NYSE: SI) are in free fall this week, while the U.S. Securities and Exchange Commission, or SEC, has revealed a major liquidation of corporate stocks by board member Thomas Dircks.

The security regulator’s Form 4 documentation shows Dircks sold 60,000 Class A common shares in eight transactions on December 8. The largest transaction was the sale of 37,192 shares at a price of $ 40.72.

In total, sales brought Dircks in excess of $ 2.4 million.

Dircks is listed as a member of the board of Silvergate Bank, which provides credit and deposit services to “innovative fintech and cryptocurrency companies.” He is also CEO of Charterhouse Strategic Partners, which invests in a range of businesses from cryptocurrency to healthcare and to wireless infrastructure.

Dircks, listed as a 10% owner in Silvergate through Charter Digital and a ‘family foundation’, appears to have started sales shortly after SI hit new all-time highs earlier this week.

Silvergate closed on Monday, the eve of the dump, at $ 44.53, a new record. It has since fallen 16.4% over two trading days, including a drop of 8.9% on Wednesday where it closed at $ 37.21. Since the beginning of the year, SI has more than doubled. At its peak, it was nearly three times higher since early 2020.

SI shares year-to-date performance by Yahoo Finance

The sale caused heavy volatility in SI shares on Wednesday, with trading volumes more than three times higher than normal.

As Cointelegraph reports, Silvergate went public in November 2019 after a successful IPO. At the time, the company boasted more than 750 cryptocurrency customers.